Ber Bahr-1 Commercial Discovery

RNS Number : 8394F

Genel Energy PLC

30 May 2013

 



30 May 2013

Genel Energy plc

("Genel Energy" or the "Company")

GENEL ENERGY MAKES COMMERCIAL DISCOVERY IN BER BAHR-1 EXPLORATION WELL

The Anglo-Turkish oil and gas independent, Genel Energy, today announced that a successful side track of the original Ber Bahr 1 exploration well in the Kurdistan Region of Iraq, has confirmed the existence of a commercial oil discovery. 

The Ber Bahr 1 well original TD was 3933m in the upper Permian Chia Zairi formation. It encountered good oil shows over a c.300m interval in the Jurassic. Two drill stem tests over this interval  failed to flow. The original well has now been successfully side tracked and in several tests, conducted over a period of days, achieved a sustainable flow rate of 2100 STB/ day of 15 API  oil from the Middle Jurassic age Sargelu Formation.

Dr John Hurst, head of Exploration of Genel Energy, said:

"The Ber Bahr well adds a further commercial oil discovery to Genel's already significant KRI resource base. We plan to begin a phased development of the field in the second half of this year."

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For further information, please contact:

Genel Energy plc Julian Metherell Natalie Fortescue	[phone]
M: Communications Patrick d'Ancona Andrew Benbow	[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The Company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa.  For further information, please refer to www.genelenergy.com

Genel Energy holds a 40% working interest in the Ber Bahr licence and is the operator, Gulf Keystone Petroleum Ltd holds a 40% working interest and the Kurdistan Regional Government holds the remaining 20% interest.

 

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